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Ferris Company began 2018 with 7,000 units of its principal product. The cost of each...

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Accounting

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Ferris Company began 2018 with 7,000 units of its principal product. The cost of each unit is $9. Merchandise transactions for the month of January 2018 are as follows Purchases Units Unit Cost* Date of Purchase Jan. 10 Jan. 18 Total Cost 6,000 7,000 60,000 77,000 10 Totals 13,000 137,000 Includes purchase price and cost of freight. Sales Date of Sale Jan. 5 Jan. 12 Jan. 20 Units 3,000 1,000 4,000 8,000 Total 12,000 units were on hand at the end of the month. Requirec Calculate January's ending inventory and cost of goods sold for the month using each of the following alternatives 1. FIFO, periodic system 2. LIFO, periodic system 3. LIFO, perpetual system 4. Average cost, periodic system 5. Average cost, perpetual system

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